Lugano to Integrate Polygon's PoS Protocol into MyLugano App for Enhanced Crypto Acceptance
Summary:
Lugano, the economic capital of Italian-speaking southern Switzerland, plans to incorporate Polygon's PoS protocol into its MyLugano app. The updated app will feature a multichain digital wallet with several tokens, alongside plans for a new NFT collection. Polygon has partnered with Lugano since 2022, providing infrastructure for the city's stablecoin, LVGA. The MyLugano app serves almost half of the city's population, enabling crypto payments to local businesses. Furthermore, Lugano is progressing towards accepting tax payments in cryptocurrency, with ultimate goals of equating it with fiat money. Despite Lugano's strides, it doesn't lead in allowing crypto tax payments, as Zug and Zermatt municipalities precede it.
In Lugano, Switzerland's Italian-speaking southern economic powerhouse, the proof-of-stake (PoS) protocol of Polygon will be incorporated into its crypto-accepting payment application, MyLugano. A recent announcement on the Polygon Labs website on November 22 divulged that an upgraded MyLugano version will incorporate a multichain digital wallet for personal custody. Several tokens have already been included in this part of the app, with more scheduled in the future, as the release informs. As a network facilitator for countless DApps with assets worth $5 billion under secure management, Polygon has been in collaboration with the Swiss city since at least 2022. Polygon was then made the infrastructure associate for the city's stablecoin, LVGA, delivering its rails solution. MyLugano is also rolling out a fresh NFT collection inspired by artist Yuri Catania's work, according to the press release. An enormous 40-meter long, 8-meter high artwork on the wall of the Palazzo dei Congressi will be tokenized on the Polygon network as a non-exchangable version. Lugano is globally acclaimed as a forerunner in crypto acceptance. The MyLugano app, co-created with fellow crypto enterprise Tether, caters to 30,000 users, nearly half the city’s population. It aids in executing digital payments to local small and medium-sized businesses. Lugano launched a blockchain adoption Center of Excellence in conjunction with Tether in March 2022, aspiring to be "a primary European blockchain hub”. The city's government is working on a plan to allow citizens and businesses to pay their taxes in cryptocurrency shortly. The ultimate ambition is to level digital currency payments with regular money for purchasing all goods and services. Despite Lugano's notable strides, it won’t be the pioneer Swiss city to permit tax payments in digital currency, as this has already been implemented by the canton of Zug and the Zermatt municipality.
Published At
11/23/2023 8:57:36 AM
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